CBN says banks fund 273,435 businesses with N1.8tr loan

28 Oct CBN says banks fund 273,435 businesses with N1.8tr loan

Central Bank of Nigeria (CBN) has said at least 273,435 Micro, Small, and Medium Scale Enterprises (MSMEs) have accessed N1.80 trillion, $1.36 billion and €10.92 million in the last five years

The CBN Governor, Godwin Emefiele, stated this Tuesday at the e-workshop for judicial officers on the secured transactions in movable assets and credit reporting reforms in Nigeria.

He explained that the funds were disbursed without strict collateral conditions as the only requirement needed was just the collateral registry based on the regulations. He said as at September 30, 2020, 694 financial institutions had registered on the National Collateral Registry (NCR) portal, the first step towards buy-in to the Registry’s operations.

He said: “Based on a total of 113,153 financing statements registered on the registry in respect of movable assets offered as collateral, lending banks availed credit amounting to ₦1.80trn, $1.36bn and €10.92m, to 273,435 borrowers, comprising: 262,904 individuals; 1,421 large, 4,260 medium, 1,433 micro and 3,417 small businesses,”